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Dragon Lake

Project

Map & Highlights

The 920 ha Dragon Lake Property is located 80 km NE of Ross River, YT. It has been explored since the mid 1940’s when Cu and Au mineralization was discovered by the GSC.

Access is by helicopter service from Ross River or Faro, YT. Crews can be mobilized from the North Canol Road located 8 km to the SE. Alternate access is by boat from km 110 on the North Canol Road. An exploration camp has been established on the tenure.

The 920 ha Dragon Lake Property is located 80 km NE of Ross River, YT. It has been explored since the mid 1940’s when Cu and Au mineralization was discovered by the GSC.

Access is by helicopter service from Ross River or Faro, YT. Crews can be mobilized from the North Canol Road located 8 km to the SE. Alternate access is by boat from km 110 on the North Canol Road. An exploration camp has been established on the tenure.

Geology

The rocks exposed at Dragon Lake are Hyland Group clastic and metasedimentary rocks of the Selwyn Basin overlain and intruded by volcanic flows and dykes of undetermined age. The sediments are variably metamorphosed to graphitic and calcareous phyllite, chert, calc-silicate rock, skarn, marble and quartzite. Calc-silicate and skarn units host sulphide (predominantly pyrrhotite) mineralization with gold preferentially enriched along NNW structures.

History

The region was first explored in the 1880’s by prospectors seeking placer Au. Mineralization on the property was first described by the GSC in 1945, and exploration activity in the region increased dramatically in the 1950’s and 60’s with the discovery of the Anvil Pb-Zn deposit at Faro. A subsequent exploration rush occurred in the 1990’s with the discovery of the Kutz ze Kayah and Wolverine massive sulphide deposits and intrusive-hosted Au mineralization in the Tintina Gold Belt.

The 2011 exploration program encountered precious-metal mineralization in all 6 drill holes and located a new skarn-style mineral occurrence overlain by a strong Au-in-soil anomaly. Precious-metal mineralization and anomalous soils form a WNW-trending zone of 1300 m by 350 m.

Future Work

Detailed mapping of structural geology

Trenching, bedrock mapping and sampling of the new skarn zone

Prospecting and mapping of the soil anomalies defined in 2010

Detailed soil sampling to further refine geochemical targets

Diamond-drilling to test high-priority targets

Eagle Plains - A Project Generator

Eagle Plains Resources is a project generator with mineral exploration properties of merit that meet qualifying transaction requirements. The Dragon lake Property is available for option to joint-venture partners. We facilitate the listing process for capital pool companies and initial public offerings while providing technical expertise for exploration programs. Companies interested in co-operatively exploring any of these projects please contact: Tim Termuende at tjt@eagleplains.com or Mike Labach at mgl@eagleplains.com or call 1 866 Hunt Ore (486 8673).

Updated April 19, 2016

Project Details

The 920 ha Dragon Lake Property is located 80 km NE of Ross River, YT. It has been explored since the mid 1940’s when Cu and Au mineralization was discovered by the GSC.

Access is by helicopter service from Ross River or Faro, YT. Crews can be mobilized from the North Canol Road located 8 km to the SE. Alternate access is by boat from km 110 on the North Canol Road. An exploration camp has been established on the tenure.

Exploration work in the 1960's and 1980's demonstrated significant mineralization (up to 1.5 g/t Au and 2.5 g/t Au) in skarn pods, veins and sheeted quartz vein systems in contact zones and along structures peripheral to a Cretaceous Granitoid intrusion.

Eagle Plains began exploring the property in 1996. Since then, geochemical and geophysical surveying, trenching and drilling have advanced the understanding of the property and returned significant results.

The claims are 100 % owned by Eagle Plains and carry no underlying royalties or encumbrances.

Class 3 Exploration Permit and Exploration Camp in good standing until 2017

Geology

The rocks exposed at Dragon Lake are Hyland Group clastic and metasedimentary rocks of the Selwyn Basin overlain and intruded by volcanic flows and dykes of undetermined age. The Hyland Group sediments consist of coarse clastic units, ranging from quartz-pebble conglomerate to fine sandstone and siltstone separated by less extensive beds of limestone, dark grey limestone and silty limestone. The sediments are variably metamorphosed to graphitic and calcareous phyllite, chert, calc-silicate rock, skarn, marble and quartzite. Small cliffs of quartzite along the creek gullies are highly fractured with hematite and pyrrhotite in the fractures. Actinolite skarn occurrences extend along many of the limestone beds. Calc-silicate and skarn units host sulphide (predominantly pyrrhotite) mineralization with gold preferentially enriched along NNW structures.

Three mineralization settings have been observed on the property:

Skarn hosted Au+/-Cu+/-W

Au bearing sheeted veins within intrusive rocks

Au bearing quartz veins hosted in metasedimentary rock

The skarn-type mineralization occurs in small pods and fracture fillings in altered sedimentary rocks, generally proximal to intrusive rocks. The mineralization consists of pyrrhotite-rich sulphides (up to 15%) with minor chalcopyrite and scheelite with gold up to 3.0 g/t. Quartz veins have been observed in altered metasedimentary rocks containing generally higher concentrations of gold, up to 12.7 g/t.

Silicified calc-silicate horizons host disseminated to banded semi-massive sulphide mineralization. The sulfide mineral content of the gold bearing samples average 5%. The Main Zone consists of three exposures of limonitic calc-silicate rock bound by quartzite units. The longest exposure is a rusty weathering zone of mineralization that assayed an average of 1.2 g/t Au over 15.3 meters in a series of six chip samples taken in 1997. The Creek showing is a 3.5 meter thick calc-silicate horizon containing massive sulphide bands that outcrops in an open cut on the east side of the creek gully. The mineralization is locally well-layered, but typically is disseminated and fine-grained.

History

The Ross River area was first explored in 1880 by Robert Campbell of the Hudson Bay Company. Prospectors entered the country via the Liard River in the 1880’s looking for placer Au deposits. Prospecting activity increased dramatically in the 1950’s and 60’s with the discovery of the Anvil Pb-Zn deposit at Faro. An exploration rush occurred in the 1990’s with the discovery of the Kutz ze Kayah and Wolverine massive sulphide deposits and intrusive-hosted Au mineralization in the Tintina Gold Belt.

Cu and Au mineralization was discovered on the property by the Geological Survey of Canada in 1945. In 1960, Kennco Explorations conducted geological mapping and a magnetic survey identifying three zones of skarn-type alteration.

Eagle Plains Exploration

Eagle Plains acquired the claims in 1996 and the following year conducted hand trenching and chip sampling of 14 sites, The results include:

Trench Interval

Results

Description

6m

2.81 g/t Au

Hand Trench

2m

2.05 g/t Au

Hand Trench

1m

2.64 g/t Au

Hand Trench

3.6m

1.68 g/t Au

Hand Trench

In 1999 rock sampling, a geophysical survey and 301 m of diamond drilling over 4 holes was carried out. Drilling returned thick bands of actinolite skarn in calc-silicate rock that contained up to 5% pyrrhotite. The most significant results from the drill program are:

Drill Interval

Results

Description

10.2m

2.14 g/t Au

From 49.3m to 59.5m

1.2m

3.66 g/t Au

From 106.6m to 107.8m

In 2004, a geophysical survey and a regional geochemical program west of the property was conducted. The geophysical survey identified two zones that correspond with a number of showings containing elevated gold values. Historical drilling appeared to have missed the highest chargeability portion of the anomalies.

In 2005, blast trenching in areas of anomalous soil geochemistry and geophysical responses was conducted. Five of 8 trenches encountered bedrock that exhibited moderate to intense skarn-type alteration. Grab samples from Trench 4 returned 0.48, 0.799 and 1.14 g/t Au. Several geophysical anomalies near other trenches remain to be evaluated.

In 2009 a soil geochemical program confirmed and in-filled previous sampling work over the main skarn and contact zones and expanded coverage to the southern parts of the property.

In 2010 soil sampling expanded the coincident Au, Cu and Bi anomalous area into the overburden away from the known zones of skarn mineralization to roughly 400 m by 700 m. The program also verified historic trench results using XRF. The following channel sample results were returned from re-sampled historical trenches:

Channel Interval

Channel Sample Results

Description

6m

4.9 g/t Au, 1.1 g/t Ag and 0.1% Cu

Channel sample

Including 4m

6.7 g/t Au, 1.4 g/t Ag and 0.12% Cu

Channel sample

Including 1m

19 g/t Au, 1.9 g/t Ag and 0.12% Cu

Channel sample

1.8m

2.71 g/t Au, 1.6 g/t Ag, 0.13% Cu

Channel sample

Including 1m

3.28 g/t Au, 1.9 g/t Ag and 0.15% Cu

Channel sample

3m

2.16 g/t Au

Channel sample

3m

1.97 g/t Au

Channel sample

Along with the ground-based field program, an airborne geophysical program was completed over the property to test for buried intrusions and structures that could focus the flow of mineralized fluids.

Eagle Plains 2011 Exploration Program

The program included 607 m drilling over 6 holes and sampling of bedrock material from an anomalous zone identified in 2010. The goal was to drill test historical trenches in an attempt to delineate the extent of precious-metal mineralization.

Results Include:

Precious-metal mineralization was reported in all 6 drill holes of the program with the best results being 5.70 g/t gold over 0.25m and 1.57 g/t gold over 3.0m.

Rock sampling identified a new skarn style mineral occurrence, which is overlain by a strong gold in soil anomaly

Future Work

Detailed mapping with focus on structural geology to determine if the observed N-S property-scale lineations act as conduits for precious-metal mineralization

Trenching, bedrock mapping and sampling of the new skarn zone and the contact of the intrusion

Prospecting and mapping of the soil anomalies defined in 2010

Detailed soil sampling to further refine geochemical targets.

Diamond-drilling to test high priority targets

Eagle Plains - A Project Generator

Eagle Plains Resources is a project generator with mineral exploration properties of merit that meet qualifying transaction requirements. The Dragon lake Property, while not a project of merit, is available for option to joint-venture partners. We facilitate the listing process for capital pool companies and initial public offerings while providing technical expertise for exploration programs. Companies interested in co-operatively exploring any of these projects please contact: Tim Termuende at tjt@eagleplains.com or Mike Labach at mgl@eagleplains.com or call 1 866 Hunt Ore (486 8673).

Updated April 19, 2016

News

Project News

Cranbrook, BC, November 22, 2011: Eagle Plains Resources Ltd. (TSX-V:EPL) and Olympic Resources Ltd. (TSX-V:OLA) announce that drill results have been compiled and interpreted from a drill program conducted during the summer on the 2,300 acre Dragon Lake project (the “Property”) located 85km northeast of Ross River, Yukon. A total of 660m was completed in 6 holes which tested three separate zones of mineralization on the property. Total cost of the program was $450,000.

Cranbrook, BC, July 6th, 2011: Eagle Plains Resources Ltd. (TSX-V:EPL) and Olympic Resources Ltd. (OLA.P) announce that drilling activity has commenced on the 2,300 acre Dragon Lake project (the “Property”) located 85km northeast of Ross River, Yukon. Approximately 750m (2500’) of drilling is planned for three separate areas of the Property. The budget for 2011 work is $400,000 and is expected to take 2-3 weeks to complete.

Cranbrook, BC, June 27th, 2011: Eagle Plains Resources Ltd. (TSX-V:EPL) and Olympic Resources Ltd. (OLA.P) have executed a formal option agreement whereby Olympic will have the exclusive right to earn a 60% interest in the 2,300 acre Dragon Lake project located 85km northeast of Ross River, Yukon. To exercise the option, Olympic must complete $3,000,000 in exploration expenditures, issue 1,000,000 common shares and make cash payments of $500,000 to Eagle Plains over 4 years.

Cranbrook, B.C., 27 October, 2010: Eagle Plains Resources Ltd. (EPL:TSX-V) has received and compiled analytical results from its 100% owned Dragon Lake project, located within the Tintina Gold Belt approximately 80km northeast of Ross River, Yukon. The $180,000 program was carried out during the 2010 summer exploration season and consisted of an airborne geophysical survey followed by geological mapping, soil geochemical sampling and trenching.

Cranbrook, B.C., 02 June, 2010: Eagle Plains Resources (TSX-V:EPL) has mobilized field crews to embark on aggressive mineral exploration programs in British Columbia, Yukon and Saskatchewan. Exploration programs will be carried out on projects in various stages of development. Over $2.2M in exploration expenditures are budgeted for the year, with fourteen individual projects scheduled for work.

Cranbrook, B.C., June 24th, 2004: Eagle Plains Resources Ltd. (EPL:TSX-V) has mobilized a crew to commence geophysical fieldwork on the Dragon Lake Gold Project located 85km northeast of Ross River, YT, 10 km west of the North Canol Road. The claims consist of 40 units (900 ha) covering an area of approximately 6 km x 2 km, and are 100% owned by Eagle Plains with a 1% NSR reserved for Bernie Kreft of Whitehorse, Yukon.

Cranbrook, B.C.: The Board of Directors of Eagle Plains Resources Ltd. (EPL:TSX-V) wishes to provide an update of the Company’s current gold exploration projects in British Columbia and Yukon Territory. During the recent downturn in exploration activity, EPL has been actively researching and acquiring properties with good exploration potential and/or established gold resources, and has positioned itself to take advantage of improving gold prices and new governments in both B.C. and Yukon.

Cranbrook, B.C.:Eagle Plains Resources Ltd. (EPL:ASE) announces that it has commenced the second phase of a two-phase exploration program on its' 100% owned Dragon Lake property located in south-central Yukon, 85 km northeast of Ross River. The 1999 Phase 1 program consisted of trenching, geologic mapping and a magnetometer survey on the property. Results were encouraging, and warrant follow-up by diamond drilling. The phase-two drill program will consist of 1000 feet (300m) in two to four holes, and is expected to take 10 days to complete.